120 Month Auto Loan Calculator
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
This 120-month auto loan calculator helps you determine your monthly payments, total interest, and total cost of borrowing for a 10-year auto loan. Simply enter your loan amount, interest rate, and down payment to get an accurate calculation.
How to Use This Calculator
Using this 120-month auto loan calculator is simple:
- Enter the loan amount you're requesting in the "Loan Amount" field.
- Input the annual interest rate offered by the lender in the "Interest Rate" field.
- If you're making a down payment, enter that amount in the "Down Payment" field.
- Click the "Calculate" button to see your monthly payment, total interest, and total cost.
The calculator will display your monthly payment, total interest paid over the loan term, and the total amount you'll pay back including principal and interest.
Formula Used
The calculation for a 120-month auto loan uses the standard loan payment formula:
Loan Payment Formula
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount (Loan Amount - Down Payment)
- r = Monthly interest rate (Annual Rate / 12 / 100)
- n = Number of payments (120 months)
Total Interest = (Monthly Payment × 120) - Principal
Total Cost = Monthly Payment × 120
Worked Example
Let's calculate a 120-month auto loan with these parameters:
- Loan Amount: $25,000
- Interest Rate: 5.0%
- Down Payment: $2,500
Principal = $25,000 - $2,500 = $22,500
Monthly Interest Rate = 5.0% / 12 = 0.4167%
Monthly Payment = $22,500 × (0.004167(1 + 0.004167)^120) / ((1 + 0.004167)^120 - 1) ≈ $235.32
Total Interest = ($235.32 × 120) - $22,500 ≈ $1,838.40
Total Cost = $235.32 × 120 ≈ $28,238.40
Note
Actual results may vary slightly due to rounding and the exact calculation method used by lenders.
Frequently Asked Questions
The monthly payment is calculated using the standard loan payment formula that takes into account the principal amount, annual interest rate, and loan term of 120 months (10 years).
The monthly payment is affected by the loan amount, interest rate, and loan term. Higher loan amounts, higher interest rates, and longer loan terms will result in higher monthly payments.
This calculator is specifically designed for 120-month (10-year) auto loans. For other loan terms, you would need to adjust the number of payments in the formula.